Weekly Rig Activity as of 4/19/24

Note: Apologies for the lack of research notes over the past week. A note on oilfield distributors in Canada and the US will be distributed this week. Thanks for your patience. -- PE

Weekly Rig Activity as of 4/19/24

Baker Hughes Rig Count

• Current week total rig activity was at 125, down from 139 rigs the previous week (-14 rigs)

• Rig adds were in one region, SE SK, (+1)

• Rig reductions were in five regions, NE BC (-5), Foothills (-1), NE AB (-7), Central East AB (-1), SE AB (-1)

Rig Count by E&P

• Rig activity for the week of 4/19/24 by Companies Mentioned totaled 59, down from 62 rigs from the prior week

• Rig count leaders by E&P include CNQ (9), CVX (8), ARX (7), POU (5) and TOU (5)

• Rig adds were ARX (+2), BTE (+1), TVE (+1)

• Rig reductions were MEG (-2), IMO (-1), SU (-1), NVA (-1), CNQ (-1)

• Among US-based E&Ps operating in Canada, COP operated 3 rigs (+1) and OVV operated 2 rigs. MUR is no longer operating a rig in NE BC

Companies Mentioned

• Tourmaline Oil Corp. (TOU)

• Canadian Natural Resources Limited (CNQ)

• Cenovus Energy Inc. (CVE)

• ARC Resources Ltd. (ARX)

• Baytex Energy Ltd. (BTE)

• Crescent Point Energy Corp. (CPG)

• Peyto Exploration & Development Corp. (PEY)

• Tamarack Valley Energy Ltd. (TVE)

• Whitecap Resources (WCP)

• Paramount Resources Ltd. (POU)

• Birchcliff Energy Ltd. (BIR)

• Vermilion Energy Inc. (VET)

• NuVista Energy Ltd. (NVA)

• Suncor Energy Inc. (SU)

• MEG Energy Corp. (MEG)

• Imperial Oil Resources (IMO)

• Athabasca Oil Corporation (ATH)

• ConocoPhillips Canada Resources Corp. (COP)

• Ovintiv Canada Ulc (OVV)

• Murphy Oil Corp (MUR)

_{Disclaimer: All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, Patrick Enwright accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any part of the publication. All information is provided without warranty, and Patrick Enwright makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained.}